Global Plant Protein Market to Reach $27.9 Billion by 2025

Global Plant Protein Market to Reach $27.9 Billion by 2025

CEO Insights team , Press Release

The increasing popularity of vegan trends and the acceptance of flexitarian diets have tremendously affected the global demand for plant protein foods. According to research, the global plant protein market is expected to grow significantly in the following years, and reach $27.9 billion value by 2025.

In 2019, the global plant protein market reached the $12.1 billion mark and statistics indicate further significant growth in the following years, with the unified market growing at a CAGR of 15 percent by 2025. This rise in popularity of plant-based meat products is directly related to the expanding trend of vegan diets, with recent surveys revealing a 600 percent increase in vegan population in the US over the last three years. The vegan trend is gaining popularity in Europe as well, with the UK leading the European market. Consequently, the vegan products market quadrupled between 2014 and 2018 in the UK.

Compared by the region, North America is the leading plant-based meat market globally, with 41.79 percent market share in 2019. The intact area is also projected to stay the fastest growing market in the upcoming years.

North America is the leading plant-based meat market globally with 41.79 percent market share in 2019

The 2019 data show Europe holds 38.81 percent of the whole plant-based meat market, followed by the Asia Pacific with a 14.18 percent market share. However, the Asia Pacific region consists of the most sizable vegetarian population at a global level, expected to boost the market growth in the forthcoming years. As a result of the rising demand for organic food products, significant growth is expected from countries like Australia, New Zealand, China, and Singapore.

Based on the source, the soy segment holds the largest share in the plant-based meat market globally. Thanks to the high protein content, soy burger patties, strips, nuggets, sausages, and meatballs have become a suitable alternative to meat sources like pork, beef, chicken, or fish. The retail sales value of soy-based meat substitutes in Western Europe reached $ 596 million in 2019 and is expected to grow in the upcoming years significantly. At the same time, the US consumers spent around $790 million on soy-based meat substitutes this year. The growing health, environmental and ethical concerns among consumers related to animal-based protein sources are sure to further increase the global demand for plant-based meat products in the near future.
Source : Press Release

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